Saputo lifts its holding in WCB

CANADIAN dairy company Saputo has further increased its potential holding in Warrnambool Cheese and Butter (WCB).

The company yesterday announced to the Australian Securities Exchange that acceptances of its offer for WCB shares had increased to 16.9 per cent of the register.

Saputo is offering shareholders $9 per share plus an additional 20 cents if it gains more than 50 per cent of the register.

It is still unable to process the acceptances because its offer remains on hold while the Takeovers Panel investigates aspects of its bid.

Saputo last week extended the deadline for accepting the offer to 7pm next Friday.

Saputo is battling with rivals Murray Goulburn and Bega Cheese for control of the Allansford processor.

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